Online Investment Platform
Is FXGoldenTrade Fake or Real?
Why Is FXGoldenTrade Fake?
FXGoldenTrade is a website which claims to be a platform for investing. It is unclear what kind of investments the company makes, but they promise a 25% daily profit for 14 days, along with a 10% bonus for investments of 30 days. A minimum investment of $300 is required to register on the platform.
A domain name lookup of the website shows that it was registered on 26th March 2020. However, the traffic data of the website shows that it has only been active since June 2020.
The footer of the website implies that the website has been active since 2009. This is clearly a lie as the website has only gone live in mid-2020.
The company claims to be registered in the USA, but there are multiple inconsistencies in this claim. The company says that is it registered as FXGoldenTrade Ltd. under the parent company CTF Ltd and that the company is authorized by the United States Company House Authority. However, Companies House is an authority in the United Kingdom and there is no such entity in the USA. This implies that the registration number provided is also fake.
As seen in the first image above, FXGoldenTrade claims that investing in the platform is ‘absolutely safe’ and ‘does not involve any risk’. In the Terms page, they have done an about-turn and say that it is possible for investors to lose all their invested funds on the platform.
FXGoldenTrade claims in multiple places on the website that withdrawals are done automatically on a daily basis. However, I found a question on Quora where the user claims that they were asked for a payment to verify themselves to be eligible for withdrawal. Hidden fees are common features of investment scams.
There are some contact details provided by FXGoldenTrade which seem to be fake. The email ID provided was found to be worked when tested, but the phone number is a dummy. The address provided is of a location in Utah and does not seem to exist.
There is also a WhatsApp link provided. The number used for WhatsApp shows up as Judith Mark London in TrueCaller. The provider is Onvoy, which an internet phone provider. This means that the person does not need to be physically located in the United States to use the number. The number has the area code of New Jersey and not Utah.
There are almost no reviews available for FXGoldenTrade, probably because it is so new. There is only one review on Scamadviser, which seems to be fake as it was posted even before the website went live.
There are some strong signs that FXGoldenTrade might be a scam. There are several lies and inconsistencies on the website, such as the age of the platform, company registration information and the risk involved. The WhatsApp number is a VoIP number with the code of New Jersey, even though the company claims to be located in Utah.
One user on Quora has said that there is a hidden fee for withdrawing profits. There is only one review available for the website which is likely to be fake as it was posted before the website was live.
Further, the website promises returns of 25% per day which is downright ridiculous. All the facts suggest that FXGoldenTrade is most likely a scam. It is advisable to avoid investing in this platform.
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as ScamAdvisor and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch on email@example.com